Japan stocks jump as investors await China’s loan prime rate release ahead

The Nikkei 225 jumped 1.51% as shares of index heavyweight and conglomerate Softbank Group soared 3.06%. The Topix index also advanced 1.1%. South Korea’s Kospi added 0.54%.

Stocks in Australia also saw gains as the S&P/ASX 200 rose 0.44%. Australian jobs data for January is expected to be released at 8:30 a.m. HK/SIN.

Shares of airline Qantas surged more than 6% after the company announced on Thursday it was adjusting its capacity to Asia until at least late May 2020 in light of the ongoing coronavirus outbreak whose impact it said is “unfolding and the outlook is uncertain.”

Overall, the MSCI Asia ex-Japan index traded 0.12% higher.

Investors await the release of the PBoC’s loan prime rate, set to be out around 9:30 a.m. HK/SIN. Reuters reported Wednesday that a survey of traders and analysts widely expects the Chinese central bank to cut the benchmark lending rate amid the coronavirus crisis. The announcement comes days after the PBoC reduced the rate for medium-term loans.

Hong Kong-listed stocks of casino operators in Macau will also be watched, with the facilities set to reopen on Thursday following a 14 day closure.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite touched record highs. The broad index closed 0.5% higher at 3,386.15 while the Nasdaq added about 0.9% to end its trading day at 9,817.18. The Dow Jones Industrial Average also rose 115.84 points to close at 29,348.03.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.705 after seeing levels below 99.4 earlier.

The Japanese yen traded at 111.24 per dollar after seeing a sharp weakening yesterday from levels below 110.4. The Australian dollar changed hands at $0.6682 after declining from levels around $0.67 yesterday.